How to Get Life Insurance with Pre-Existing Conditions?
Some people who have loved ones to protect worry they won't be able to get life insurance with pre-existing conditions. Life insurance companies often charge higher premiums for such individuals due to the increased risk of filing multiple claims. However, there are ways to get affordable life insurance regardless of medical history.
What Is a Pre-existing Condition?
A pre-existing condition involving health from a life insurance perspective is a health issue you have prior to signing up for a policy. Some of these many health conditions are mental, such as anxiety and depression, while most relate to physical problems. Diseases such as cancer, diabetes, heart disease, and HIV are pre-existing conditions, along with obesity and blood disorders. High blood pressure and chronic fatigue syndrome are also considered pre-existing conditions.
Impact of Pre-Existing Conditions On Insurance Rates
Getting life insurance with pre-existing conditions often does mean paying higher premiums, but rates vary among insurers. Prices are particularly higher for individuals with predictors that increase the mortality rate.
Which Pre-existing Conditions Impact Eligibility?
Having any life-threatening disease, will decrease your chances of cutting life insurance costs. Conditions such as HIV can make it difficult to find affordable coverage. But it comes down to the insurer and your condition, as some insurers are more lenient and sympathetic than others at approving insurance applications from people with certain pre-existing conditions.
Life Insurance Options for Pre-existing Conditions
One option if you work for an employer is to seek coverage from the company's group health plan. It may be your most affordable option since employers pick up part of the cost. Some plans follow you after leaving one job for another.
Another option is to seek a "Simplified Acceptance" policy, an insurance plan without a physical exam requirement. You may still have to pay a higher premium than if you had no pre-existing conditions, but simplified acceptance is useful if you need immediate coverage.
Establishing a life insurance plan at a young age is ideal because that's when rates are lowest and usually before significant health problems emerge. Life insurance costs steadily rise the older you get. One of your main considerations for getting life insurance should be to provide financial support for your family. You should also consider the final expenses associated with your funeral. Instead of loved ones being left with the bills, your policy will pay for these items.
The best way to learn your life insurance options is to consult an industry expert who listens to your story to help you customize a plan.
Contact Amity Insurance to Buy the Best Life Insurance Coverage!
It's possible to get life insurance with pre-existing conditions. You need the right plan. Contact us at Amity Insurance Group to gain more insights on what type of life insurance works for you. We are happy to answer your questions.